I'm about to lose my dream house! Last minute $30k bombshell :(

[Orlando Goodon]

Found an amazing house! Beautiful, close to major city, triplex with 4 BR. $7k mortgage, $10k rents, fully renovated, 1700 sqft units. However, just before I want to make offer, bank shoots my $60k-$70k expectations of closing costs to almost $100k. I'm short $30k and have no way to raise that in 4 months.

I'm really frustrated how this can happen. I've been speaking to multiple lenders. I've told them I have $40k available now. I can save at MOST $6k/month(zero debt). I have a vehicle worth $10k and maybe can get a gift of $10k for down payment. That is it. So why on earth would my bank tell me they can get me approved for well over a million? We were looking at even $1.5M houses. Yes, with my income and credit, they could approve me, technically, but it was clear that unless I won the lottery, I had no way of closing on even a million dollar house. Not with 3.5% down FHA. The only way would be a VA lone.

How does a bank talk to a person with less than $50k available about a $1.5M mortgage? This house was under a million, but not one time did any lender say ANYTHING about my lack of funds. They all made it seem like I could as they said 'well over a million'.

Anyway, I'm going to try to get a VA loan, but I might not qualify due to my medical discharge. Between basic and tech schools was about 3.5 months. That is about 106 days. So enough for 90 day requirement, but some requirements say 180 days. That would mean I would have to be in for 3 months after tech school. Not sure I met that. If I don't qualify for VA loan, I lose the house. With warmer weather, it might be gone already as more buyers coming out I'm sure.

I'm going to start looking at cheaper houses tomorrow, while I try my last ditch efforts.